CoAL fulfills Rio Tinto deal obligations

Triple-listed Coal of Africa Limited (CoAL) has now fulfilled all its obligations to Rio Tinto Minerals Development and Rio Tinto’s joint venture partner, Kwezi Mining, in relation to the agreements under which CoAL subsidiary MbeuYashu acquired an interest in Chapudi Coal and Kwezi Mining Exploration in 2010. Under the terms of the $75-million acquisition of the Chapudi assets, which is adjacent to CoAL’s Makhado project, $45-million was paid upfront in cash, with the $30-million balance deferred until the sale had been completed.